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Minnesota state revenue in November and December beats forecast by 5.4%

Minnesota’s state revenue — mostly from income taxes, sales taxes and corporate taxes — was 5.4 percent higher in November and December than projected.

State officials reported today:

The state’s net general fund receipts totaled $3.330 billion during the months of November and December, $172 million (5.4 percent) more than projected in November 2013’s Budget and Economic Forecast. Stronger than projected estimated individual income tax payments provided the largest amount of additional revenue for the period. Net receipts from sales and corporate taxes and all other revenues were also above forecast.

The Minnesota Budget and Management Office said income tax receipts were $90 million, 6.7 percent higher than projected; sales tax receipts were $37 million, 4.6 percent higher in the two-month period and net corporate payments were $22 million, 8.5 percent higher.

The report notes that the forecast for U.S. economic growth has improved modestly since the last state forecast in November.

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